CORNWALL – Cornwall homeowners will likely have to pay a bit more in taxes this year as the draft 2021 municipal budget has a proposed tax increase of 2.9 per cent.
The 2.9 per cent increase would be an extra $74.64 this year on a home assessed at $173,860. Your increase would be slightly more or less depending on the value of your home.
Since the Municipal Property Assessment Corporation (MPAC) did not conduct new property assessments for 2021-2024 due to the pandemic, the tax increase will be calculated on the fully phased-in current values.
City departments put their budgets together that would “maintain existing levels of service.”
The city plans to collect just over $76.8 million in taxes this year – about $1.5 million more (1.96 per cent) than it did in 2020.
City councillors will meet by Zoom in two weeks to go through the budget over three afternoons, starting Monday, Feb. 1.
If it were passed as it stands right now, the increase would be slightly less than last year when city council approved the budget with a 3.06 per cent increase.